Beijing-based smart parking solution provider AIPark has raised RMB 300 million (USD 42.4 million) in its Series C round from investors led by Gaorong Capital, 36Kr reported on Monday.
The firm manages an app named AIPark (Aiboche in Chinese), which allows drivers to book parking lots and pay for the service directly via the app. To make this possible, AIPark upgrades traditional parking spaces into “smarter ones” for local governments or businesses by leveraging on its in-house visual recognition technologies.
The company equips parking lots with cameras monitoring vacancies, data that is then transmitted to the app to facilitate drivers’ choices.
AIPark provides its services to governmental bodies such as the municipal government of Beijing, Shanghai, Guangzhou, Shenzhen, Shijiazhuang, and Zhengzhou, in addition to the Beijing International Airport, Beijing West Railway Station, and Peking University, among others, according to the company’s website.
This fundraising deal comes at a time when the Chinese government is pushing to build new digital infrastructure, including smart parking spaces across the country.
36Kr is KrASIA’s parent company.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.